Indian Finance Minister Arun Jaitley, left, listens to Klaus Martin Schwab, founder and executive chairman of the World Economic Forum, during the opening plenary of India Economic Summit in New Delhi, India, Wednesday, Nov. 5, 2014. Business leaders, government, civil society and academia representatives from more than 40 countries are participating in the three-day summit, organised by the World Economic Forum in partnership with Confederation of Indian Industry (CII), according to news reports. (AP Photo/Saurabh Das)

NEW DELHI— India’s finance minister announced the government’s new budget on Saturday, promising a slew of measures that attempt to balance welfare spending with high...